New Delhi, Dec 8 (IANS) ONGC Videsh Ltd (OVL) has entered into an agreement with Russian group Sistema for cooperation in exploration and studying oil and gas assets in Russia and third countries.
According to a company press release, the non-exclusive memorandum of understanding (MoU) was signed at the Indo-Russian CEOs Business Council meeting held in Moscow Tuesday on the conclusion of the visit of Indian Prime Minister Manmohan Singh to Russia.

ONGC Videsh has a participating interest in Sakhalin-1 project and acquired more assets in Siberia after it bought Imperial Energy. It also has a “strong relationship” with the state-run companies, Rosneft and Gazprom.

“Sistema proposes to diversify into the hydrocarbon sector and develop a mutually beneficial relationship with ONGC group of companies,” the press release said.